Meanwhile, This Is Who Is Quietly Buying All The Cheap Oil | Zero Hedge.
With the US Shale Oil industry up in arms, Venezuela screaming, and Russia awkwardly quiet (as the Ruble slides with the falling oil price stabilizing domestic inflows), the ‘secret’ Saudi-US oil dealthat pressured prices for crude down to $80 (18-month lows today) has ‘hurt’ a lot of the world’s producer nations. However, as Bloomberg reports, there is one nation that is very grateful. The number of supertankers sailing toward China’s ports surged to a nine-month high as over 80 very large crude carriers (VLCCs) – the industry’s biggest ships – sail toward the Asian country’s ports. At an average of 2 million barrels each, the 160 million barrels will help refill China’s 727 million barrel SPR which it started in 2012.
There are 89 tankers sailing for Chinese ports, 80 of which are VLCCs – the highest since January 3rd.
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